Eligibility Criteria

What you mean by Home Loan Eligibility Criteria?

Before applying for Home Loan, you need to ensure that you meet specific eligibility criteria to qualify Home Loan. Every lenders want to know your repayment capacity to determine that you are capable of repaying loan amount within given time period. Therefore, meeting basic criteria is must while applying for loan.

Home Loan Eligibility Criteria

Generally, Home Loan Eligibility Criteria depends on various factors like age of individual, monthly salary or business income, total work experience & CIBIL Score ..etc.

Home Loan Eligibility Criteria for Salaried Individuals

 

  • • Age Limit of Salaried Individuals – 23 to 62
  • • Work experience of salaried Applicants – Minimum 3 Years
  • • CIBIL Score should be above 750
  • • Minimum Salary – 25000/-

 

Home Loan Eligibility Criteria for Self-Employed Individuals

 

  • • Age Limit of Self –Employed Individuals – 25 to 70
  • • CIBIL Score should be above – 750
  • • Minimum Years of doing Business – 5 Years
  • • Nationality – Resident of Indian

 

Note: – Maximum Loan Amount of Salaried Individual can avail up to 3.5 Crore & for Self- Employed Individual can avail up to 5 Crore.

What are the factors generally affecting Home Loan Eligibility Criteria?

There are few factors that generally affects Home Loan Eligibility Criteria as given below: –

CIBIL Score: – Firstly, Lenders check your CIBIL Score to know your past financial & transaction history to evaluate how capable you are at repaying loan or managing transaction. If your CIBIL Score is below 750, then it’s likely that you are not eligible to apply for a Home Loan, but if its above 750 you can easily apply & get a Home Loan at competitive rates.

Applicant Age: – Thirdly, Lenders see’s your age to calculate the tenure period. Generally, a longer tenure period will save your money on EMI, this results in non- default in repayment.

Monthly Income: – Secondly, Lenders want to know you Monthly Income, if you are a Salaried Individual your minimum income per must be 25000/- or if you are a Self-Employed your business minimum annual turnover must be 15 lakhs.

What are the ways to increase Home Loan eligibility?

To increase Home Loan eligibility, you need to consider few points as given below, this will aid you in increasing your eligibility level.

Improve CIBIL Score: – To improve CIBIL Score you don’t need to practice any mathematical theory you just need to be aware of timely paying payments, it might be Card dues, EMI, transaction which are taking place doesn’t to be delay in payment, try to avoid applying for multiple credit cards. Follow this points to increase home loan eligibility, remember CIBIL score above 750 will be offered home loan at lowest interest rates.

Joint Home Loan: – This facility allows you to add your spouse or family members to be earning co-applicant, therefore it led to increase chances of your eligibility.

Clearing Existing Loans: – Once you have decided to apply for home loan you, if you have any on-going existing loans then must try to clear existing loans dues. This will increase home loan eligibility when lenders check your debt-to-income ratio.

Documents Required

INDIVIDUAL
  1. PHOTOGRAPHS 2

  2. PAN CARD COPY

  3. AADHAR CARD + PASSPORT

  4. ADDRESS PROOF IF RENTED ALSO REQUIRED PERMANENT ADDRESS PROOF

  5. LAST 3 YEARS FORM -16, ITR WITH COMPUTATION OF INCOME IF FILE

  6. LAST 1 YEAR BANK STATEMENT – SALARY ACCOUNT

  7. LOAN SCHEDULE & SANCTION LETTER (IF RUNNING)

  8. COMPLETE PROPERTY PAPERS WITH CHAIN & MAP +ATS

  9. PROCESSING FEE CHEQUE IN FAVOUR OF BANK

  10. LAST 3 MONTHS SALARY SLIP + APPOINTMENT LETTER